All eyes will be on AAPL this week as they report earnings after the close Thursday. Well, not all eyes. I'll be watching JPM to see if it can take out last week's panic low of 135.19. If so, pattern recognition forecasts a further drop into the 120's, or worse. Ergo, a Sell Pending on JPM on a breakdown below 135.00. JPM - The Big Picture Topped in late 2021 to early 2022, followed by counter trend rally for most of 2023 and what looks to be a resumption of the downtrend in late 2023. JPM - The Next Leg Down The mini counter-trend retracement in JPM is taking place today, along with the rest of the market, but it is destined to fail and reverse back down. That's when we want to pounce. On a breakdown below 135, any time, buy the Dec 15 $135P (subject to change later this week - depending on how far JPM rises before turning back down). JPM Dec 15th Puts Late Note After Monday's Open: JPM closed Friday at 135.69 and gapped higher today, reaching a peak of 137.28. As I am posting this trade alert it has stalled and is trading around 137. I expected more of a retracement and it still may happen, but if not, the key level and breakdown for triggering this trade remains a break below 135.00, preferably on a closing basis, but any break should trigger at least an initial position.
